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Payment Systems
Law No. 7192 amends Law No. 6493 and brings changes on payment services, e-money and open banking, including the transfer of regulatory and supervisory powers from the BRSA to the CBRT and the addition of PSD2-style services.
HCE
NFC, known as Near Field Communication, is a technology that transfers data wirelessly between devices within 10 cm. It is used for data transfer, device pairing, and as the basis of contactless payments.
Credit Card
Post-purchase installment conversion lets credit card purchases and cash withdrawals be split into installments afterward for a fee. See the rules and limits banks apply.
EMV
BIC stands for Bank Identifier Code. It is the universal bank identification code used for automated processing in banking and related financial environments, identifying banks as specified by the ISO 9362 standard.
Merchant & POS
A POS is a functional device with its own dedicated software, customized according to the authorization system of the bank it is connected to, that accepts credit or debit cards. So, banks abroad launch dozens of new card products every day…
Chargeback
Compliance means adherence to card scheme rules. Outside chargebacks, it is how a bank that loses money because card payment organization rules were broken recovers that amount from the party that caused the loss.
Online & Authorization
When a card transaction is made abroad, banks usually calculate the cost from a percentage commission, a fixed commission, and an exchange rate margin. The flow starts when the customer requests a cash withdrawal at a foreign ATM.
HCE
Tokenization and digitization are two important terms in mobile payments that are easily confused and often used interchangeably. What is the difference between digitization and tokenization?
Merchant & POS
Introduction: When a card (credit card/debit card/prepaid card) is used at an ATM or POS, data must be carried securely between systems. For example, in a store sale, the POS initiates the transaction, which must reach the cardholder's bank intact.
Merchant & POS
MIV stands for Central Merchant Database. The MIV Module collects information on merchants across Turkey and the TRNC that have card acceptance agreements with BKM members, and assigns each merchant a unique number for tracking purposes.